It is a pleasure to welcome you to the tenth annual conference of the European Systemic Risk Board (ESRB), as we mark 15 years since its creation. The ESRB was born of a hard lesson laid bare by the global financial crisis and reinforced by Europe’s sovereign debt crisis. Risks had been building across institutions and markets, while the view of any one authority remained incomplete. Europe needed a way to see the financial system as a whole, so it brought central banks and supervisors together around one table to provide that overall perspective. [ 1 ] 15 years on, the rising importance of artificial intelligence (AI) is putting that system-wide view to the test. Generative AI is already widely used in finance.
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